Rupee shows slight gain against US dollar in early trade

Rupee vs Dollar Today: Rupee rises by 10 paise against US dollar in early trade at the interbank foreign exchange market.

The rupee climbed to open at 82.78 on Thursday in early trades against a dollar after the previous close of 82.84 at the interbank foreign exchange market. The strengthening is attributed to a weak greenback in the foreign markets and early rises in domestic equity markets.

Rupee vs Dollar Today: Rupee rises by 10 paise against US dollar in early trade. (PTI)

Markets opened in green with the 30-share BSE benchmark Sensex advancing 397.14 points to 61,464.38. The broader NSE Nifty climbed 119.65 points to 18,318.75.

However, the Indian currency gains were restricted by the firm crude oil prices and forex outflows from capital markets, a report from PTI stated.

The dollar index, which determines the greenback’s strength against a basket of six currencies, dropped 0.28 per cent to 103.87. Brent crude futures, the global oil benchmark, grew 0.45 per cent to USD 82.57 per barrel.

Rupee appreciated further to reach 82.73 before trading at 82.74 at 9:30 am, capturing a gain of 10 paise over the earlier close, the report added.

DATE	OPENING RATE	HIGH	LOW	CLOSING RATE
DEC 21	82.76	82.66	82.84	82.84
DEC 20	82.69	82.69	82.88	82.70
DEC 19	82.80	82.57	82.80	82.60
DEC 16	82.84	82.73	82.89	82.85
DEC 15	82.63	82.41	82.77	82.76
DEC 14	82.60	82.40	82.71	82.49
DEC 13	82.63	82.56	82.90	82.60
DEC 12	82.54	82.50	82.74	82.51

Rupee is said to depreciate when the purchasing power decreases. This means one needs to spend more rupees in order to purchase a dollar in INR to USD trade. The exchange rate is based on multiple factors, including rate of inflation, interest rates, economic and political scenario of the country.